Auto Insurance for Real Estate Professionals

Auto insurance for real estate professionals costs an average of $1,895.80 a year before any discounts are factored in. Learn how to get the best auto insurance rates for real estate professionals in this guide, and use our quote tool to compare rates now. Affordable auto insurance for real estate professions can be yours.

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Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Cynthia Lanctot is an insurance professional with ten years of industry experience. Cynthia is licensed in several states, and holds an associate in claims law, as well as a bachelor’s degree in English. Cynthia’s experience includes the New England and Northeast states. She currently works as a liability claims professional and an occasional online contributor.

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Reviewed by Cynthia Lanctot
Licensed Agent

UPDATED: Jul 15, 2021

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Auto Insurance for Real Estate Professionals
Auto Insurance for Real Estate Professionals Details Source
National Real Estate Employment Estimate 220,750U.S. Bureau of Labor Statistics
Mean Annual Wage $71,720U.S. Bureau of Labor Statistics
Average Annual Cost of Insurance$1,895.80Geico
Percentage of Income Spent on Insurance2.6%N/A
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Are you looking for cheap auto insurance for real estate professionals? As a realtor, you are on the road often and may even be transporting clients, so having the right realtor auto insurance coverage is important.

We’re here to help you learn more about real estate auto insurance. Affordable auto insurance for real estate professionals isn’t impossible. To make sure you are getting the best price on auto insurance for real estate professionals in your area, enter your ZIP code in our free tool above to get auto insurance quotes for real estate professionals.

Auto Insurance for Real Estate Professionals: How Occupation can Change Your Rates

How does a real estate agent’s job affect coverage rates? When insurers calculate rates, the most important factor they consider is risk. While your job may seem unrelated to risk factor, a number of aspects directly relate to auto insurance.

  • Stress: a job that is high-stress or has long hours, such as a nurse or doctor, can tire drivers out and slow down their reaction times.
  • Driving hours: a job that requires odd driving hours, such as working the night shift, can be riskier.
  • Work distractions: a job that requires frequent distracting activities, such as phone calls in the car, may cause an insurer to deem a driver as high-risk.

As a real estate agent, you likely won’t be considered high-risk. However, insurers may still raise your rates if you drive around a lot showing off houses. If you only drive locally or work part-time as a real estate agent, your rates will likely be unaffected.

Should I tell my insurer if I’m no longer a real estate professional?

If you quit your job as a real estate professional or change careers, you should let your insurer know at your next renewal period. If you don’t inform them, you will be at risk of being dropped by your insurer or having your claim denied.

Withholding information about your job counts as a form of insurance fraud, as some insurers do change your rates based on your occupation. According to the Insurance Information Institute (III), the insurance industry loses an estimated $40 billion annually due to fraud. Even small cases of fraud, like lying about your job, are taken seriously.

As long as you let your insurer know in a reasonable time frame, you won’t face any repercussions.

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Auto Insurance Rates for Real Estate Professionals

The following table uses rate data to detail the average price of auto insurance for real estate agents, thanks to our partnership with Quadrant.

Auto Insurance Rates for Real Estate Professionals
Auto Insurance Rates for Real Estate Professionals Average Rate
Monthly $157.98
Six-Month$947.90
Annual $1,895.80
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Prices may vary based on your age, gender, location, and other factors, but these rates should be the average you look for when shopping for real estate auto insurance quotes.

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Does annual mileage affect auto insurance for realtors?

Insurers will raise rates if realtors travel more than 12,000 miles a year, as being on the road more often means a higher chance of getting into an accident. Take a look at the table below to see how rates may vary between different insurers based on commute.

Average Annual Auto Insurance Rates Based on Commute
CompaniesAverage Annual Rates for
10 Miles Commute
6,000 Annual Mileage
Average Annual Rates for
25 Miles Commute
12,000 Annual Mileage
USAA$2,483$2,592
Geico$3,163$3,267
State Farm$3,176$3,344
American Family$3,401$3,485
Nationwide$3,437$3,463
Progressive$4,030$4,041
Farmers$4,179$4,209
Travelers$4,400$4,470
Allstate$4,842$4,934
Liberty Mutual$5,995$6,152
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If you drive more than the average person, there is no need to stress. On average, your rates will only increase $89 a year, or $7 a month.

Which companies offer realtor auto insurance discounts?

If you are a real estate agent, your insurer may offer you a National Association of Realtors’ (NAR) discount. What are auto insurance companies that offer the National Association of Realtor discounts?

Liberty Mutual is the only company partnered directly with NAR to offer a discount. However, other auto insurance companies may still offer NAR discounts.

Real estate agents can also qualify for multiple other discounts, from low mileage discounts to safe driver discounts. Most insurers offer at least 20 discounts, so make sure you are familiar with what discounts you may qualify for with your insurer.

Does education level affect auto insurance?

Some insurers use education level as a factor in determining coverage rates. Many insurers offer a further education degree, good student discount, student away discount, or alumni discount.

If you have a higher education, you may be able to get cheaper coverage as a realtor. Make sure your insurer knows about any degrees or good grades you have, as it could save you hundreds of dollars.

Real Estate Agent Insurance Requirements

What kind of auto insurance do realtors need? It is important to stay up to date on auto insurance requirements for real estate agents.

Do realtors need commercial auto insurance? Do real estate agents need special auto insurance to drive buyers around? The only reason a real estate agent would commercial (business) insurance is if they regularly drive clients around. Why do real estate agents need business auto insurance if they drive clients? Personal auto insurance won’t cover the driver if the car is used regularly for business, such as making deliveries or driving passengers

Do real estate agents need general liability insurance? Yes. All drivers need the general liability insurance that meets their state requirements, regardless of whether they are realtors or not.

We hope our guide to auto insurance for real estate professionals has helped you gain a better understanding of rates and coverages. If you are ready to buy auto insurance for real estate professionals, enter your ZIP code in our free tool below. Find which auto insurance company for real estate professionals is for you.

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Frequently Asked Questions: Auto Insurance for Real Estate Professionals

Hopefully, you now know more about finding affordable auto insurance for real estate professionals. Just in case, however, take a look at some common questions below.

#1 – Can I write off my auto insurance as a realtor?

If you have to buy commercial (business) auto insurance, you can write it off as a business expense for taxes. If you have personal insurance, you can still track the miles you drive for work to get a deduction.

#2 – Is there health insurance for real estate agents’ auto insurance discount?

If you bundle a health insurance policy with a car insurance policy, you should get a significant discount on auto insurance.

#3 – What is realtor auto public liability insurance?

It is simply commercial or business auto insurance. If you drive clients around frequently, you should purchase commercial insurance.

#4 – What is real estate independent contractor auto insurance?

If you are an independent contractor, you may want to consider commercial insurance for your vehicle if you use it for work. As an independent contractor, you would have to apply for commercial insurance yourself. If you are a business owner hiring employees, make sure you are adding brokers to your auto insurance commercial policy (known as real estate broker additional insured auto insurance).

#5 – What are the realtor auto insurance coverage limits recommended?

As a real estate agent, it is important you are well-protected on the road. You should always have the required liability amounts in your state, as well as comprehensive and collision insurance, which cover a wide variety of accidents no matter who is at fault.

References 

  1. https://www.iii.org/article/background-on-insurance-fraud

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